Saudi Arabia – High insurance rates for drivers below 21
Monday, 01 29 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi firms charge high motor insurance rates for drivers below 21 years, in line with the global insurance market standards, Adel Al-Issa, spokesman for insurance companies in Saudi Arabia, told Makkah daily.
Insurance costs are based on several factors, including instructions of the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and insurance market regulator, and actuaries as well as drivers’ accident records.
Rates vary in terms of the services offered by local firms, Al-Issa said, adding that clients can choose the suitable product.
Meanwhile, a member of the insurance committee at SAMA, said drivers under 21 are entitled to the discount determined by the central bank, in case there are no accidents in their records.